The Superior times. [volume] (Superior, Wis.) 1870-1912, 1887-09-10
WRECKED By MONOPOLY.
A Dole full Picture from the Land of Der
rfcks and OH Tanks-Pennsy Iyania o
Men Bankruut.

=
ricks and Oh Tanks-rennsyIy Iyania oil
Men Bankrupt.
PITTsBURG, Pa, Sept. Sin a few davs
the Pennsylvania oil fields will be vir-
tually idle. The producers are bank
rupt and will shut of production as a
last and desperate chance of relief.
| The regions that have produced millions
| upon millions of dollars worth of pe-
/ troleum are to-day little better off than
| II the golden fluid had never been discoy-
cred. Nherltfs' sales are the most Conspit-
! uouS signs everywhere. Splendid resi-
! dences that were built by the lucky
OIL seeker in the palmy days before IS
are the only indications that prosperity
| once ablded with the oil producer Even
| these are sadly ont of repair, and the
/ once fortunate owner who found the
| roomy mansion too small for his swollen
wealth now discovers that he has white
elephant on his hands, and is content
| TO occupy TWO or three rooms of the
| dwelling, letting out the remainder
to dodgers. Men who formerly had an
income of S25, 500, $500 day from
their wells now get a laborer's wages.
Many of the larger producers are run
ming their wells at loss Hundreds of
drlllers, tool drcssers, bumpers and rig
carpenters are out of work because
almost no new wells are going down and
| those now III operation are worked in
the most economical manner possible.
Wages have not been so low since oil
was discovered. If this depression con-
tinues for another six months those still
engaged in the oil business will quit as
many hundreds have already done.
Speculation, too, is paralyzed.
Spectators have learned by sad
experience that, owing to the excessive
storage charges they must clear p per
cent. on their trades 10 come out even.
With the operator and drIiler they are
engaging IN other pursuits. The mag
niticent Western Pennsylvania ex-
changes erected In the halcyon DAYS of
dollar oil are now little attended and
In the vast emptiness the occasional
bidder Is startled At the sound Of his
own voice.
The consumer for years has been pay
ing to the Standard Oil Company for re-
fined oil one-third more than ii would
cost If the production and manufacture
of oil followed natural laws. The con-
sumner has really enriched the great oil
monopoly more than the producer, but
because the hand of eXtortion is laid
lightly upon him individually he does
not feel It. \ few cents a week from
each consumer makes millions of
dollars for the Standard. With no
excuse whatever, the Standard in 1876
put up the price of refined oil from Is to
32 cents gallon, and in 1880 it raised
the price from to y cents. In both
instances the purchasing price of the
crude oil remained the same. The
Standard buys at its own price and sells
at It's own price. Other commodities are
''cornered'' occasionally, but oil is in
chronic state of corner"
Should the Standard so desire there
is nothing to prevent its putting the
price of oil up to 30 cents a gallon for at
least six months, as it would be that
time before competition could be devel-
oped to cut down the price. 1t rules the
home and foreign trade alike The
Russian companies, about which so
much has lately been written, viii not
be serious competitors of the American
monopoly for several years, even sup
posing that the quality of the oil is
equal to the PENNSYLVANIA product as
the cost of production and transporta-
ton in Russia by present methods is
too great to make the oil business in
that country profitable.